Real estate professionals are no strangers to change. Seasonality and the cyclical nature of the industry are simply facts of life. Today, change happens fast. Unpredictability is everywhere.
I’ll be the first to admit that change is hard, especially in our traditional industry. But given how quickly everything is evolving, change is a new imperative, especially technological change. The problem: we’ve gotten too used to the wrong kind.
Why change is so hard
The average large brokerage offers agents 12–15 different tech tools, not counting operational software. That’s a dozen or more contracts and relationships to navigate. The inertia is understandable. Plus, 10 of those tools may be working just fine, but providers aren’t able (or willing) to swap out just the broken piece. If your tech stack is your house and the lightbulbs are burned out, why should you be forced to rebuild the whole thing—just to get some light?
Read our blog about
5 ways to prepare for a
successful technology change at your brokerage
Read here
Out with the old way
Two things tend to be true about us: we like shiny new things, and we follow the herd. When a great new tool comes out, we rush to get it. But as the shine wears off, we start looking for the next great thing. As a result, a lot of broker/owners are resigned to completely changing their tech every 3 to 5 years. This doesn’t come cheap, and it’s not conducive to long-term growth or shifting customer expectations.
In with a new approach
Tech providers have typically been in the business of selling software. But the era of inflexible, static, all-or-nothing software is ending. Providers need to start selling solutions: dynamic, flexible, and highly integrable tools that connect previously disparate workflows without having to totally revamp them. It’s a new era of BYOT—Bring Your Own Tools—while still leveraging the synergies new tech provides.
The technology partners that will excel in the future are those with the expertise, flexibility, and modularity to mold solutions to their clients’ profitable workflows, not bend those workflows to their company’s expensive tools.
Minimizing disruption, promoting resilience and competitive advantage
Change has long meant disruption. This new approach proposes improving only what isn’t working. More focused changes, less business disruption. Over the long term, this translates to lower costs, greater agent adoption and loyalty, and a better customer experience. The better the experience, the greater the business impact (referrals, recognition, retention). It also means a greater opportunity to create customized combinations of solutions that impart a sustainable strategic advantage that isn’t possible otherwise.
From providers to partners
The future of real estate tech will center clients, who will be on the hunt for a partner for life, one that can grow, improve, and adapt to change. One that will help keep their proverbial house standing, especially if they just need to replace the lightbulbs. A partner that lets them bring their best tools, favorite vendors, decades-long partnerships, and helps them unlock the synergies and efficiencies of an integrated platform. Find that fit. Find the one!
Need a partner who can give you unbiased feedback
about your real estate tech stack?
Douglas Fisher is VP of Revenue at Constellation1. He helps broker/owners find the right solutions to support long-term business growth.
As originally published on RISMedia.com.
